Great Opportunity For Investment

[Mike Klarman]

I am renting a house at the Jersey Shore.  Ventnor, NJ.  The house next door to me is up for sale.  16 N. Newark Ave, Ventnor, NJ.  It is a 6 bedroom duplex.  3 baths.  Upstairs deck.  2.5 blocks from the beach.  10 min car ride to Atlantic City.  20 min car ride to Ocean City NJ.  I called the agent on the sale sign, he didn't answer.  Zillow estimates 524K.  If you put 76k into this thing and make it a 600k project, you will sell it for 700k the second the work is done.  The last time this property was on the market was 2001.  It sold for 116k.  LOL.

Property values here are skyrocketing.  I know someone who bought a single family that was rehabbed close to here, but a block further from the beach and it has less bedrooms and less bathrooms and it cost him 600k.  This will go for 700k all fixed up, maybe 725k.  

If you can get 90% of the purchase in a fix and flip, you will have to float 60k including fees for like 5-6 months and then it will sell in less than 60 days brand new inside.  Can't touch properties down here right now.

If you can afford this deal, it is a can't miss.  If you have the cash to close and 680 credit call me and I'll get you the money for it.